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Mid-Day Gold & Silver Market Report – 1/30/2012

EUROZONE LIKE SLOW-MOTION TRAIN WRECK; ANALYST BULLISH ON GOLD

Gold seems to be resisting a correction in price, as it is only slightly down since this morning. RBS analyst Nikos Kavalis said, “Without a doubt, this morning the main story is the risk sell-off, whether we like it or not these days, on … what concerns there are towards the euro and euro zone.” UBS analyst Edel Tully sees a positive outlook for Gold, saying, “Nevertheless, it is certainly an encouraging development and does increase the possibility that there is more to Gold’s rally. It may well be a clue that investors have shifted gears and are now starting to put more conviction behind their bullish Gold outlook.” The announcement from the Federal Reserve last week that interest rates would remain low until late 2014 sent the market into a frenzy. “You can tell by the way the markets traded that people were caught off guard,” said Rich Ilczyszyn, trader and founder of iiTrader.com. “This to me gives the green light for Gold specifically, and a lot of commodities.”

There is a growing concern the euro may vanish and that the eurozone may break up. The thought is that if Greece is rescued, the damage will be done, and to be able to restore the market’s confidence is a difficult task for this country to accomplish. Canadian Central Bank chief Mark Carney expressed optimism for Europe, saying, “There is not going to be a Lehman-style event in Europe.” Jim Rogers at Rogers Holdings told CNBC, “I don't think we’ll see anybody leave the eurozone in 2012. There are 40 elections in 2012. There will be more problems this year. Governments everywhere will do their best to make sure we get through elections.” Rogers added, “We’ve been having European summits every few weeks for the past two years; it’s all a charade. They are just trying to get through the French elections, and I am not paying too much attention to it until they start to take real action.”

At noon, the APMEX precious metals spot prices were:

  • Gold - $1,731.80 – Down $2.10.
  • Silver - $33.65 – Down $0.21.
  • Platinum - $1,617.90 – Down $6.10.
  • Palladium - $690.00 – Down $1.20.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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